New Zealand’s annual inflation remains at 7.2%

Wellington:  New Zealand’s consumers price index increased 7.2 per cent in the 12 months to December 2022, the country’s statistics department said on Wednesday.

The 7.2 pe rcent increase follows another 7.2 per cent annual growth in the September 2022 quarter, and a 7.3 per cent rise in the June 2022 quarter, Stats NZ said.

Housing and household utilities contributed most to the December 2022 annual inflation rate. This was due to rising prices for both constructing and renting housing, Xinhua news agency quoted the department as saying.

Prices for building a new house increased 14 per cent in the 12 months to December 2022, following a 17 per cent growth in the 12 months to September, statistics showed.

“Respondents reported more expensive materials and higher labour costs are driving the increase of building a new home,” consumer prices senior manager Nicola Growden said.

Rental prices for housing rose 4.4 per cent in the 12 months to December 2022. This followed an annual increase of 4.6 per cent in the September 2022 quarter, Growden said.

After housing and household utilities, the next largest contributor to the annual increase was from the food group.

“Higher prices for ready-to-eat food, vegetables, and meat and poultry drove the overall increase in food prices,” Growden said.

Transport was the next largest contributor, driven by rising prices for both international and domestic air fares, he said.


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